Empresas COPEC (XSGO:COPEC) Beneish M-Score : -2.50 (As of Apr. 26, 2024)

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What is Empresas COPEC Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Empresas COPEC's Beneish M-Score or its related term are showing as below:

XSGO:COPEC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.59 Max: -2.01
Current: -2.5

During the past 13 years, the highest Beneish M-Score of Empresas COPEC was -2.01. The lowest was -3.02. And the median was -2.59.

Empresas COPEC Beneish M-Score Historical Data

The historical data trend for Empresas COPEC's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Empresas COPEC Beneish M-Score Chart

Empresas COPEC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.65

-3.02

-2.01

-2.22

-2.50

Empresas COPEC Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.22	-2.28	-2.64	-2.54	-2.50

Competitive Comparison of Empresas COPEC's Beneish M-Score

For the Conglomerates subindustry, Empresas COPEC's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Empresas COPEC's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Empresas COPEC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Empresas COPEC's Beneish M-Score falls into.

Empresas COPEC Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Empresas COPEC for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0223

0.528 * 1.3671

0.404 * 0.9647

0.892 * 0.966

0.115 * 0.9282

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.94

4.679 * -0.041484

0.327 * 1.0041

-2.50

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CLP2,360,265 Mil.
Revenue was 6392219.921 + 6607576.974 + 5675163.436 + 6258425.892 = CLP24,933,386 Mil.
Gross Profit was 935000.144 + 838251.126 + 639706.251 + 766067.418 = CLP3,179,025 Mil.
Total Current Assets was CLP7,738,273 Mil.
Total Assets was CLP25,069,062 Mil.
Property, Plant and Equipment(Net PPE) was CLP12,152,922 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP158,558 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,505,964 Mil.
Total Current Liabilities was CLP4,118,498 Mil.
Long-Term Debt & Capital Lease Obligation was CLP7,530,049 Mil.
Net Income was 145187.296 + -28076.672 + 46977.649 + 122350.914 = CLP286,439 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 486108.31 + 452631.94 + 210016.403 + 177644.358 = CLP1,326,401 Mil.

Total Receivables was CLP2,389,997 Mil.
Revenue was 6160914.286 + 7104121.371 + 6800248.76 + 5745206.707 = CLP25,810,491 Mil.
Gross Profit was 938795.855 + 1257389.055 + 1265584.291 + 1037171.426 = CLP4,498,941 Mil.
Total Current Assets was CLP7,408,328 Mil.
Total Assets was CLP24,395,101 Mil.
Property, Plant and Equipment(Net PPE) was CLP11,763,738 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP142,331 Mil.
Selling, General, & Admin. Expense(SGA) was CLP1,658,469 Mil.
Total Current Liabilities was CLP4,406,977 Mil.
Long-Term Debt & Capital Lease Obligation was CLP6,881,690 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(2360264.713 / 24933386.223)	/	(2389997.236 / 25810491.124)
	=	0.094663	/	0.092598
	=	1.0223

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(4498940.627 / 25810491.124)	/	(3179024.939 / 24933386.223)
	=	0.174307	/	0.127501
	=	1.3671

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (7738273.008 + 12152921.633) / 25069061.692)	/	(1 - (7408328.429 + 11763737.687) / 24395100.977)
	=	0.206544	/	0.214102
	=	0.9647

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	24933386.223	/	25810491.124
	=	0.966

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(142330.985 / (142330.985 + 11763737.687))	/	(158557.648 / (158557.648 + 12152921.633))
	=	0.011954	/	0.012879
	=	0.9282

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1505963.907 / 24933386.223)	/	(1658469.401 / 25810491.124)
	=	0.060399	/	0.064256
	=	0.94

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((7530049.121 + 4118497.723) / 25069061.692)	/	((6881690.066 + 4406977.281) / 24395100.977)
	=	0.464658	/	0.462743
	=	1.0041

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(286439.187 - 0	-	1326401.011)	/	25069061.692
	=	-0.041484

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Empresas COPEC has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

Empresas COPEC Beneish M-Score Related Terms

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Empresas COPEC (XSGO:COPEC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Empresas COPEC SA (XSGO:COPEC) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Avenida El Golf No. 150, 17th Floor, Las Condes, Santiago, CHL

Website

http://www.empresascopec.cl

Empresas COPEC SA is engaged in the natural resources and energy sectors. It operates in areas such as forestry, fishing, and mining industries; and distribution of liquid fuel, liquid petroleum gas and natural gas and electricity generation. The company's business segments use the following brands to market their products: Arauco EKP, Arauco Melamina, Arauco Color, Arauco PBO, Electronico Copec, Chiletur Copec, and Sonacol.

Empresas COPEC (XSGO:COPEC) Headlines

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